Auto Refinance 101

You may be paying more on your car loan every month than you need to. Auto refinancing can save you money by lowering your interest rate and your monthly payment. At Honest Car Payment, refinancing is quick, easy, and transparent.

What is Auto Refinance?

Refinancing your car means replacing your existing loan with a new one. Finding a new loan with better terms allows you to pay off your original, high-interest loan and immediately begin making lower monthly payments, potentially saving thousands of dollars over the life of your loan.

Refinancing your car by yourself involves contacting different lenders, dealing with loan officers, and shopping around for the best option. At Honest Car Payment, we do all that for you.

Working with us is different than getting a new loan from a bank or dealership. While loan officers are obligated to put the lender’s interests first, we are not. We work only for you, our customer, and we take no money from car dealers or banks. This allows us to be 100% transparent and put your interests first. We also have access to hundreds of lending institutions, which enables us to find you the absolute best loan deal with the lowest payment possible. Plus, you only pay us if you decide to move forward with the new loan agreement we find.

Keep reading to learn more about how our process works.

How Do I Refinance My Car Loan?

Our process is simple:

Step 1

You fill out our quick application and confirm your information.

Step 2

We contact you within 2 business days with your new loan terms.

Step 3

We handle all the paperwork and pay off your original loan.

Step 1: Your Application

The application process is brief. We ask for basic information about you, your current auto loan, your vehicle, and any auto warranties.

You also need to get pre-qualified for your new loan by submitting to a soft credit check, which will not affect your credit score in any way. A hard inquiry (which will be recorded by credit bureaus) will not be made unless you decide to move forward with the new loan.

Step 2: Finding Your New Loan

Next, Honest Car Payment will search our network of lending partners for a better loan deal for you. We are always completely transparent with the loan agreements we find. We’ll even search for overcharges in your current financing for potential refunds and return them to you.

Once we’ve found you the best possible deal on a new loan, we’ll contact you and show you our findings. We’re always happy to walk you through the new terms and answer any questions you have. We make all the loan details available to you, and all Honest Car Payment charges will be displayed transparently on the new loan contract. No hidden fees. No loan markups. No surprises.

Step 3: Paying Off Your Original Loan

If you decide to move forward, we will pay off your current loan and use your car as collateral to set you up with your new refinanced loan agreement. We take care of all the paperwork, again with complete transparency to you.

After that, the process is complete! You’ll move forward with your new refinanced loan terms and lower monthly payments.

When Should I Refinance My Vehicle?

When is the right time to refinance a car loan? If your credit has improved since you got your original loan, you might qualify for lower rates now. Additionally, if interest rates were high when you financed, lower ones may be available to you. If you originally borrowed from a dealership, it’s also possible that your current rate is inflated because it includes an amount to compensate the dealer for financing your loan.

There are many reasons why you may be stuck with a high interest rate, but whatever your circumstance, our goal is to offer you new terms that better fit your current financial situation. Since you don’t pay us unless you decide to accept the new loan, there’s no downside to seeing if better terms are available to you now.

Why Don’t More People Refinance Their Car Loans?

Paying off a car can put a lot of stress on families, and lower payments can make a big difference. So why don’t more people refinance?

Many people assume there is a lot of hassle involved in an auto refinance. Many expect it will cost more time and money than it’s worth. Others simply aren’t aware that refinancing is an option.

The truth is, auto refinancing can involve a lot of work if you go it alone, but when you work with Honest Car Payment, we do almost everything for you. You simply complete the application, wait for us to find you a better deal, and decide whether or not to proceed.

Ready To Get Started?

Apply online now to start saving money on your next auto loan payment. If you have questions, call us today at (808) 534-1234 or send us an email. When you’re ready, fill out our quick and easy application.